Are your savings safe? article discussion

rickbonar

Rachel_Jones wrote: »

Would really appreciate some thoughts on savings in ICICI Bank.

With all this going on and these banks that seem to think they can take our money and run I've got a message for them and their "executives".

No one's untouchable chums! you can and will be hunted down and a little bit of home spun terror applied, if you get my drift?

As for Iceland banks ... what a scam honestly the mafia couldn't thought of a better rip off... ie. taking the money and to get out of their obligations declare country bankrupt... thankfully Brown has frozen their bank accounts here by using terror law leglislation (of course it also shows that they could use this on any of us too)

I suppose when this settles down no-one will ever put money in an Icelandic bank again..

Ultimately if you've worked and saved all your life and someone takes your lifetime efforts for you and your family then if you are that desperate to make amends then I for one would definitely hunt down the perpetrators and give them real justice. Maybe if a few more of us were prepared to do this then these fat cats and con men would tread far more carefully.

I-LOV-MONEY

I believe when everything finally settles down, the whole financial industry is in for a big shakeup. Everything ranging from where local councils, and other public organisations having to declare where they are investing their money (and how much). How the banks trade etc. I reckon all this has opened up a can of worms.

Oblivion

rickbonar wrote: »

As for Iceland banks ... what a scam honestly the mafia couldn't thought of a better rip off... ie. taking the money and to get out of their obligations declare country bankrupt.

It was always going to be dodgy dealing with a country whose name 'Iceland' contains the word 'Denial'

Dave.

LongTermLurker

I-LOV-MONEY wrote: »

What do you define as investments rather than savings ?

When you deposit money in a bank account, that's "savings" - what you put in - the capital - is 100% safe (so long as the bank doesn't collapse and you haven't exceeded the £50k protection threshold) and so you cannot, in theory, lose money.

An investment is when you give someone your money in the hope that whatever they do with it will work well and give you a return on your "investment". Your capital is never guaranteed and you may get back less than you originally invested - less could equal nothing! In the most extreme cases, you could invest in a product that lost more than you invested, meaning that your original £1000 was now worth -£500 :eek:

So basically, "savings" have some guarantee of capital (ie in a bank or BS), while "investments" never totally guarantee your capital, eg in stocks & shares or bonds (some may say they guarantee capital, providing a particular index doesn't do too badly)

I-LOV-MONEY

According to The Independent today -

If you had purchased $1000 of Nortel stock a year ago it would be worth $49 now. With Enron you would have $16.50 left. With WorldCom you would have less than $5. $1000 of Delta Airlines would leave you with $49. United Airlines would leave you with nothing. If you had bought $1000 worth of beer a year ago, drank it and turned in the cans for recycling you would have $214. The best current investment advice is to drink heavily and recycle. It is called the 401-keg plan !

LongTermLurker

I-LOV-MONEY wrote: »

According to The Independent today -

If you had purchased $1000 of Nortel stock a year ago it would be worth $49 now. With Enron you would have $16.50 left. With WorldCom you would have less than $5. $1000 of Delta Airlines would leave you with $49. United Airlines would leave you with nothing. If you had bought $1000 worth of beer a year ago, drank it and turned in the cans for recycling you would have $214. The best current investment advice is to drink heavily and recycle. It is called the 401-keg plan !

Nortel stopped being a big player a good 15 years ago - I wouldn't have invested in them anyway, they were never going to do that well!

But although tongue in cheek, you can't rate investment returns on the last 12 months of a few tech and airline stocks. Any excuse for drinking beer wins my vote

stphnstevey

If I have money in a business account (for a Ltd company) and a personal account with the same financial institution, am I covered for £100,000 or £50,000?

Gillyches

Thank you very much MSE for your comprehensive article! :A

I feel much more clear about things now... AND feel a great deal better about the money I took out of Kaupthing Edge not having appeared in my related account yet!

I can't do anything about my shares... but at least my savings are going to be safe - thanks again! :beer:

murphydavid

Good - In Ing's statements about Kaupthing E I see that they say they will respect the interest rates on the fixed term accounts. As money in these accounts cannot be accessed until the term runs out it was troubling me and as I have only just seen it (its quite hard to find) so I thought I would post it here.

Bad- I was part way through discussing a relatively minor problem with Kaupthing E. Since Ing took over the secure corespondance has crashed out. I suppose I will be able to take this up again sometime in the future.

Icesave - I know the goverment have covered themselves in the eyes of the electorate by stateting that depositors savings are secure but secure is not the same as having your money to spend. Prisoners are secure but not happy.

steve6375

Martin says this on his main iceberg (sorry iceland) page.

'This means, bizarrely, that you only get one lot of £50,000 for the whole of HBOS, which is the combination of the Halifax, Bank of Scotland, Birmingham Midshires and others. Yet if you had money in the Royal Bank of Scotland, NatWest and Tesco, which are all part of the giant RBS banking conglomerate, you would be separately protected in each of them.'

But I thought Tesco were now entirely separate having bought out their RBS share??

P.S. still waiting for Kaupthing Edge xfer since last tuesday!